You only have to pay stamp duty on houses over £175.000 I think it is.
The Labour Gov. was thinking of abolishing it but....
I don't know exactly what its for tho.
Stamp duty is a tax that is levied on documents. Historically, this included the majority of legal documents such as cheques, receipts, military commissions, marriage licences and land transactions. A physical stamp (a revenue stamp) had to be attached to or impressed upon the document to denote that stamp duty had been paid before the document was legally effective. More modern versions of the tax no longer require an actual stamp.
I am hoping to move in the near future and must admit I hate the thought of paying stamp duty. It is on houses over £125,000 isn't it and I suppose that is to help first time buyers who would presumably be buying in the lower price range. As suggested by trigger it seems to be a wealth tax.
Jemisa,
its not about how big the house is or how much its worth.
They have both worked their butts of the past few yeas to have a nice house, why should they be penalized when so many people on benefits can get houses free?
Depending how much you’re spending if you’ve got the cash you can sometimes keep it under the next threshold? I know the house 2 doors down from my Mum & Dads went for £249,999 + £25K in a brown envelope! ;-)
Because the thieving taxman takes their % on the WHOLE amount rather than differing rates between thresholds they saved nearly £6K.